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Companies (1986 Order) (Insurance Companies Accounts) Regulations (Northern Ireland) 1994

Type Ni-Statutory-Rule
Publication 1994-11-02
State In force
Jurisdiction Northern Ireland
Department Government Printer for Northern Ireland
Source legislation.gov.uk
articles 1
Reform history JSON API PDF

Made: 2nd November 1994

To be laid before Parliament under paragraph 3(3) of Schedule 1 to the Northern Ireland Act 1974.

Coming into operation: 16th December 1994

The Department of Economic Development, in exercise of the powers conferred on it by Articles 2(3)[^f00001] and 265(1) and (3) of the Companies (Northern Ireland) Order 1986[^f00002] and of every other power enabling it in that behalf, hereby makes the following Regulations:

Citation, commencement and interpretation

1

Insurance companies

2

Insurance groups

3

(4) References in this Part to a banking group are to a group where the parent company is a banking company or where— (a) the parent company’s principal subsidiary undertakings are wholly or mainly credit institutions, and (b) the parent company does not itself carry on any material business apart from the acquisition, management and disposal of interests in subsidiary undertakings. (5) References in this Part to an insurance group are to a group where the parent company is an insurance company or where— (a) the parent company’s principal subsidiary undertakings are wholly or mainly insurance companies, and (b) the parent company does not itself carry on any material business apart from the acquisition, management and disposal of interests in subsidiary undertakings. (5A) For the purposes of paragraphs (4) and (5)— (a) a parent company’s principal subsidiary undertakings are the subsidiary undertakings of the company whose results or financial position would principally affect the figures shown in the group accounts, and (b) the management of interests in subsidiary undertakings includes the provision of services to such undertakings.

Form and content of accounts

4

For Schedule 9A to the 1986 Order[^f00005] there shall be substituted Schedule 1 to these Regulations (form and content of accounts of insurance companies and groups).

Minor and consequential amendments

5

The 1986 Order shall have effect subject to the amendments specified in Schedule 2 to these Regulations (being minor amendments and amendments consequential on the provisions of these Regulations).

Exempted companies

6

Transitional provisions

7

SCHEDULE 1 — Form and Content of Accounts of Insurance Companies and Groups

Part 1 — INDIVIDUAL ACCOUNTS

CHAPTER 1 — GENERAL RULES AND FORMATS

Section A — GENERAL RULES

1

in either case in the order and under the headings and sub-headings given in the format.

2

but in a case within paragraph ((b) the individual amounts of any items so combined shall be disclosed in a note to the accounts and any notes required by this Schedule to the items so combined under that paragraph shall, notwithstanding the combination, be given.

3
4

Subject to the provisions of this Schedule, amounts in respect of items representing assets or income may not be set off against amounts in respect of items representing liabilities or expenditure (as the case may be), or vice versa.

5

Every profit and loss account of a company shall show separately as additional items

6

The provisions of this Schedule which relate to long term business shall apply, with necessary modifications, to business within Classes 1 and 2 of Schedule 2 to the 1982 Act which—

Section B — THE REQUIRED FORMATS FOR ACCOUNTS

7
8

A number in brackets following any item in either of the formats set out below is a reference to the note of that number in the notes following the format.

9

In the profit and loss account format set out below—

ASSETS

A

Called up share capital not paid (1)

B

Intangible assets

C

Investments

I

Land and buildings (4)

II

Investments in group undertakings and participating interests

III

Other financial investments

IV

Deposits with ceding undertakings (10)

D

Assets held to cover linked liabilities (11)

Da

Reinsurers' share of technical provisions (12)

E

Debtors (13)

I

Debtors arising out of direct insurance operations

II

Debtors arising out of reinsurance operations

III

Other debtors

IV

Called up share capital not paid (1)

F

Other assets

I

Tangible assets

II

Stocks

III

Cash at bank and in hand

IV

Own shares (14)

V

Other (15)

G

Prepayments and accrued income

I

Accrued interest and rent (16)

II

Deferred acquisition costs (17)

III

Other prepayments and accrued income

LIABILITIES

A

Capital and reserves

I

Called up share capital or equivalent funds

II

Share premium account

III

Revaluation reserve

IV

Reserves

V

Profit and loss account

B

Subordinated liabilities (18)

Ba

Fund for future appropriations (19)

C

Technical provisions

D

Technical provisions for linked liabilities (26)

E

Provisions for other risks and charges

F

Deposits received from reinsurers (27)

G

Creditors (28)

I

Creditors arising out of direct insurance operations

II

Creditors arising out of reinsurance operations

III

Debenture loans (29)

IV

Amounts owed to credit institutions

V

Other creditors including taxation and social security

H

Accruals and deferred income

1

Called up share capital not paid

2

Concessions, patents, licences, trade marks and similar rights and assets

3

Goodwill

4

Land and Buildings

5

Debt securities and other fixed income securities

6

Participation in investment pools

7

Loans secured by mortgages and other loans

8

Deposits with credit institutions

9

Other

10

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